Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $11.3M | $12.2M | $32.6M | $22.5M | $18.3M | $16.0M | $18.0M | $14.6M | $16.5M |
| Revenue growth | — | — | 7.8% | 166.8% | -31.0% | -18.9% | -12.5% | 12.6% | -18.9% | 13.0% |
| Gross profit | $1.43M | $207K | $1.07M | $7.16M | $2.15M | $1.58M | $567K | $2.78M | $251K | $1.25M |
| Gross margin | — | 1.8% | 8.7% | 21.9% | 9.5% | 8.6% | 3.5% | 15.4% | 1.7% | 7.6% |
| Operating income | -$13.1M | -$4.61M | -$4.49M | -$577K | -$8.26M | -$10.7M | -$12.5M | -$7.80M | -$9.49M | -$8.31M |
| Operating margin | — | -40.6% | -36.7% | -1.8% | -36.6% | -58.5% | -78.4% | -43.3% | -65.0% | -50.3% |
| Net income | -$16.4M | -$4.46M | -$3.81M | $39.6K | -$9.81M | -$11.1M | -$14.2M | -$8.57M | -$10.3M | -$8.53M |
| Net margin | — | -39.3% | -31.2% | 0.1% | -43.5% | -60.9% | -88.7% | -47.6% | -70.8% | -51.7% |
| EPS (diluted) | -$0.45 | -$0.11 | -$0.06 | $0.00 | -$0.46 | -$0.52 | — | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $416K | -$3.32M | -$3.91M | -$4.55M | -$2.60M | -$7.20M | -$12.0M | -$4.18M | -$7.53M | -$6.11M |
| Capital expenditures | $374K | $138K | $179K | $2.54M | $3.75M | $1.13M | $1.69M | $2.89M | $1.37M | $395K |
| Free cash flow | $42.1K | -$3.45M | -$4.09M | -$7.09M | -$6.35M | -$8.34M | -$13.7M | -$7.08M | -$8.90M | -$6.50M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.21M | $2.49M | $3.78M | $7.07M | $11.7M | $15.4M | — | $10.4M | — | $5.07M |
| Total assets | $11.4M | $11.7M | $13.2M | $38.6M | $42.2M | $45.1M | $40.1M | $36.0M | $32.4M | $27.3M |
| Total liabilities | $5.14M | $4.77M | $4.62M | $15.6M | $17.4M | $32.3M | $16.8M | $18.7M | $15.8M | $16.9M |
| Long-term debt | — | — | — | — | $0.00 | $6.19M | — | — | — | — |
| Shareholders' equity | $6.27M | $6.91M | $8.54M | $23.0M | $24.8M | $12.8M | $23.3M | $17.3M | $16.7M | $10.4M |
| Retained earnings | -$24.0M | -$28.5M | -$32.3M | -$32.2M | -$42.1M | -$53.2M | -$67.4M | -$75.9M | -$86.3M | -$94.8M |
| Shares (wtd avg diluted) | 36.8M | 41.6M | 16.0M | 19.7M | 21.2M | 21.6M | 4.42M | 5.69M | 6.31M | 9.61M |
Every figure is extracted from LIQTECH INTERNATIONAL INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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